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The private equity firm that owns Boots is reportedly in talks with bidders for a potential $10bn sale of the UK’s largest pharmacy chain in a move that could see plans for a stock market listing abandoned.

The Financial Times reported yesterday that Sycamore Partners, which bought Walgreens Boots Alliance last year has been in talks with potential buyers for the UK chain since before Easter.

The two lead bidders are the Canadian branch of the Weston family, which owns pharmacy chain Shoppers Drugs Mart in that country as well as operating Primark stores in Britain, and the Australian company Sigma Healthcare.

Sigma Healthcare entered into a $5.8bn merger with local rival Chemist Warehouse Group last year, and in May announced plans to enter the UK market through a partnership with the employee-owned London group Greenlight Pharmacy.

Sigma confirmed it has taken part in “preliminary discussions in relation to the sale process”.

Boots, which in May announced that Currys boss Alex Baldock is to head up the business from September, posted 2024-25 financial results this week that showed a rise in post-tax profit of nearly a quarter.